<p>在过去两年中，人工智能（AI）在华尔街的头条新闻中占据了主导地位——这并非没有理由。AI 驱动的软件和系统能够在没有人类干预的情况下学习和发展，使得这一技术在全球大多数行业中具有实用性。</p>
<p>尽管估计差异很大，但正如你所预期的那样，作为一种潜在的颠覆性技术，AI 的可寻址市场应该会产生众多赢家。在《Sizing the Prize》中，普华永道的分析师预测，到 2030 年，全球国内生产总值将因 AI 革命而增加 26%（15.7 万亿美元）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc2NTYvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc2NTYvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>尽管在创新方面取得了这一飞跃，华尔街最聪明和最成功的投资者对 AI 股票的看法却褒贬不一，正如 13F 表格所示。13F 是对至少管理 1 亿美元资产的机构投资者的季度报告，允许投资者查看最优秀的资产管理者正在买入和卖出的股票。</p>
<p>然而，13F 并不仅限于知名的亿万富翁资金经理和对冲基金。一些华尔街最具影响力的企业拥有投资部门，如果他们持有超过 1 亿美元的资产管理（AUM），则需要提交 13F。</p>
<p>尽管今天是 11 月 14 日，提交截至 9 月季度的 13F 的截止日期，谷歌母公司 <strong>Alphabet</strong>（GOOGL -1.51%）（GOOG -1.54%）提前几天发布了其 13F。截至 9 月底，Alphabet 管理着一个包含 42 只股票、价值 18.4 亿美元的投资组合。</p>
<p>尽管 Alphabet 的投资团队在第三季度并没有特别活跃，但在 AI 领域的两笔交易绝对引人注目。</p>
<h2>Alphabet 的投资团队抛售了 Snowflake 的股份</h2>
<p>Alphabet 在第三季度做出的最引人注目的举动是抛售了 421,050 股云数据仓储股票 <strong>Snowflake</strong>（SNOW 4.20%），这代表着与 6 月底相比减少了 79%。在第二季度，Snowflake 曾是按市值计算的前 10 大持股，但现在对 Alphabet 来说已不再是如此。</p>
<p>对 Snowflake 来说，好消息是它仍然拥有一些明确的竞争优势，这对公司长期发展是有利的。例如，其基于云的平台建立在最受欢迎的云基础设施服务之上。这使得客户能够在竞争平台之间无缝共享数据，而这在其他情况下可能会很具挑战性。它还将 AI 和机器学习能力整合到其平台中，以便客户创建生成式 AI 应用程序和构建大型语言模型。</p>
<p>更重要的是，Snowflake 摒弃了基于订阅的软件即服务（SaaS）模式，转而采用按需付费的平台。其客户根据存储的数据量和使用的 Snowflake 计算积分支付费用。这种透明的定价模式显然得到了用户的认可。</p>
<p>然而，Snowflake 的估值一直是一个令人不快的问题。当其年销售增长达到 70% 至 100% 以上时，投资者更愿意忽视其三位数的前瞻市盈率（P/E）和相对于销售的高倍数。但随着收入增长预计在 2025 财年放缓至 26%（公司的财年在 2025 年 1 月 31 日结束）和 2026 财年放缓至 23%，135 的前瞻市盈率和接近 10 的市销率让人难以接受。</p>
<p>人们可能还会对未来经济疲软的可能性及其对 Snowflake 底线的影响感到担忧。自大萧条以来，美国 M2 货币供应量首次显著下降，加上历史上最长的收益率曲线倒挂，表明美国经济在不久的将来衰退的可能性正在增加。历史上，估值溢价过高的成长股往往在美国经济和股市短暂下滑期间受到最严重的打击。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc2NTYvd29tYW4td29ya2VyLWVtcGxveWVlLXdlYXJpbmctaGVhZHNldC1jcm0tc29mdHdhcmUtY29tcHV0ZXItb2ZmaWNlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc2NTYvd29tYW4td29ya2VyLWVtcGxveWVlLXdlYXJpbmctaGVhZHNldC1jcm0tc29mdHdhcmUtY29tcHV0ZXItb2ZmaWNlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Alphabet 将其在这家高增长 AI 软件提供商的股份增加了四倍</h2>
<p>在另一个极端，Alphabet 的投资团队在第三季度仅购买了两只股票。其中一只引人注目的是 AI 驱动的 SaaS 提供商 <strong>Freshworks</strong>（FRSH 0.79%）。</p>
<p>在截至 9 月的季度中，谷歌母公司购买了 387 万股。但这仅仅是冰山一角，Alphabet 在过去 12 个月（自 2023 年 9 月 30 日以来）增加了超过 1270 万股 Freshworks 的股份，使其在这家高增长公司的持股增加了 302%！</p>
<p>Freshworks 处于一个良好的位置，可以利用对客户关系管理（CRM）软件解决方案日益增长的需求。CRM 软件被面向消费者的企业用于提高劳动效率、增加销售和提升利润。Freshworks 的一系列解决方案可以帮助处理从员工入职到个性化自助服务渠道、市场营销和商业分析的所有事务。</p>
<p>随着人工智能成为自切片面包以来最热门的事物，Freshworks 将这一技术融入其 CRM 解决方案系列也就不足为奇了。例如，Freddy AI Agent 的推出提供了自动化但又个性化的客户互动，可以释放人类代理去处理更复杂的任务。</p>
<p>Freshworks 的销售无疑得益于人工智能，在截至 9 月的季度中增长了 22%，公司将全年销售预期的中位数上调了 510 万美元，达到 7.151 亿美元。</p>
<p>同样重要的是，Freshworks 正在吸引更大客户。它在第三季度结束时拥有 22,359 个客户，这些客户每年贡献至少 5,000 美元的经常性收入，比去年同期增长了 14%。107% 的净美元留存率也表明，现有客户的支出同比平均增加了 7%。这些都是指向持续两位数销售增长的好消息。</p>
<p>如果 Freshworks 能够在 2028 年之前实现超过 30% 的平均年收益增长，那么其当前的前瞻市盈率 32 可能会被视为一个便宜的价格。</p>

谷歌-A

谷歌-C

FRSH

<p>谷歌的母公司 Alphabet 已出售其在 Snowflake 的 79% 股份，显著减少了其持股。这一举措是在 Alphabet 将重点转向人工智能的背景下进行的，过去一年其对 Freshworks 的投资增加了 302%。尽管 Snowflake 仍具备竞争优势，但其收入增长放缓和高估值引发了担忧。相比之下，Freshworks 在不断增长的客户关系管理软件市场中处于良好位置，受益于对人工智能驱动解决方案日益增长的需求</p>

<p>For the better part of the past two years, artificial intelligence (AI) has dominated headlines on Wall Street -- and with good reason. The capacity for AI-driven software and systems to learn and evolve over time without human intervention gives this technology utility in most industries around the globe.</p>
<div class="lb-trans"><p>在过去两年中，人工智能（AI）在华尔街的头条新闻中占据了主导地位——这并非没有理由。AI 驱动的软件和系统能够在没有人类干预的情况下学习和发展，使得这一技术在全球大多数行业中具有实用性。</p>
</div><p>Though estimates vary wildly, as you'd expect for a potentially game-changing technology, the addressable market for AI should yield numerous winners. In <em>Sizing the Prize</em>, the analysts at PwC forecast a 26% increase ($15.7 trillion) to global gross domestic product by 2030 solely from the AI revolution.</p>
<div class="lb-trans"><p>尽管估计差异很大，但正如你所预期的那样，作为一种潜在的颠覆性技术，AI 的可寻址市场应该会产生众多赢家。在《Sizing the Prize》中，普华永道的分析师预测，到 2030 年，全球国内生产总值将因 AI 革命而增加 26%（15.7 万亿美元）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc2NTYvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797656%2Fprofessional-stock-trader-broker-analyze-stock-chart-invest-retire-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Despite this leap forward in innovation, Wall Street's smartest and most-successful investors have mixed feelings about AI stocks, as Form 13F filings demonstrate. A 13F is a required quarterly filing for institutional investors with at least $100 million in assets under management (AUM) that allows investors to see which stocks the brightest asset managers are buying and selling.</p>
<div class="lb-trans"><p>尽管在创新方面取得了这一飞跃，华尔街最聪明和最成功的投资者对 AI 股票的看法却褒贬不一，正如 13F 表格所示。13F 是对至少管理 1 亿美元资产的机构投资者的季度报告，允许投资者查看最优秀的资产管理者正在买入和卖出的股票。</p>
</div><p>However, 13Fs aren't just limited to prominent billionaire money managers and hedge funds. Some of Wall Street's most-influential businesses have investment arms and are required to file a 13F if they hold more than $100 million in AUM.</p>
<div class="lb-trans"><p>然而，13F 并不仅限于知名的亿万富翁资金经理和对冲基金。一些华尔街最具影响力的企业拥有投资部门，如果他们持有超过 1 亿美元的资产管理（AUM），则需要提交 13F。</p>
</div><p>Though today, Nov. 14, marks the deadline for 13Fs to be filed for the September-ended quarter, Google parent <strong>Alphabet</strong>(GOOGL -1.51%) (GOOG -1.54%) released its 13F a few days early. As of the end of September, Alphabet was overseeing a 42-stock, $1.84 billion portfolio.</p>
<div class="lb-trans"><p>尽管今天是 11 月 14 日，提交截至 9 月季度的 13F 的截止日期，谷歌母公司 <strong>Alphabet</strong>（GOOGL -1.51%）（GOOG -1.54%）提前几天发布了其 13F。截至 9 月底，Alphabet 管理着一个包含 42 只股票、价值 18.4 亿美元的投资组合。</p>
</div><p>Though Alphabet's brightest investment minds weren't all that active during the third quarter, two trades on the AI front absolutely stand out.</p>
<div class="lb-trans"><p>尽管 Alphabet 的投资团队在第三季度并没有特别活跃，但在 AI 领域的两笔交易绝对引人注目。</p>
</div><h2>Alphabet's investment team dumped shares of Snowflake</h2>
<div class="lb-trans"><h2>Alphabet 的投资团队抛售了 Snowflake 的股份</h2>
</div><p>The most eye-popping move made by Alphabet during the third quarter was to send 421,050 shares of cloud-data warehousing stock <strong>Snowflake</strong>(SNOW 4.20%) packing, which represents a 79% reduction from where things stood at the end of June. Snowflake had been a top-10 holding by market value during the second quarter, but this is no longer the case for Alphabet.</p>
<div class="lb-trans"><p>Alphabet 在第三季度做出的最引人注目的举动是抛售了 421,050 股云数据仓储股票 <strong>Snowflake</strong>（SNOW 4.20%），这代表着与 6 月底相比减少了 79%。在第二季度，Snowflake 曾是按市值计算的前 10 大持股，但现在对 Alphabet 来说已不再是如此。</p>
</div><p>The good news for Snowflake is that it still possesses a couple of well-defined competitive advantages that bode positively for the company over the long run. For instance, its cloud-based platform is built atop the most-popular cloud infrastructure services. This allows its clients to seamlessly share data across competing platforms, which might otherwise be challenging. It's also incorporated AI and machine-learning capabilities into its platform to allow customers to create generative AI applications and build large language models.</p>
<div class="lb-trans"><p>对 Snowflake 来说，好消息是它仍然拥有一些明确的竞争优势，这对公司长期发展是有利的。例如，其基于云的平台建立在最受欢迎的云基础设施服务之上。这使得客户能够在竞争平台之间无缝共享数据，而这在其他情况下可能会很具挑战性。它还将 AI 和机器学习能力整合到其平台中，以便客户创建生成式 AI 应用程序和构建大型语言模型。</p>
</div><p>More importantly, Snowflake has shunned the subscription-based software-as-a-service (SaaS) model in favor of a pay-as-you-go platform. Its clients pay based on how much data they store and how many Snowflake Compute Credits are used. This transparent pricing model has clearly resonated with users.</p>
<div class="lb-trans"><p>更重要的是，Snowflake 摒弃了基于订阅的软件即服务（SaaS）模式，转而采用按需付费的平台。其客户根据存储的数据量和使用的 Snowflake 计算积分支付费用。这种透明的定价模式显然得到了用户的认可。</p>
</div><p>However, Snowflake's valuation has always been something of an eyesore. When it was delivering 70% to 100%-plus annual sales growth, investors were more than willing to look past its triple-digit forward price-to-earnings (P/E) ratio and nosebleed multiple relative to sales. But with revenue growth slowing to an estimated 26% in fiscal 2025 (the company's fiscal year ends on Jan. 31, 2025) and 23% in fiscal 2026, a forward P/E of 135 and a price-to-sales ratio of close to 10 are tough pills to swallow.</p>
<div class="lb-trans"><p>然而，Snowflake 的估值一直是一个令人不快的问题。当其年销售增长达到 70% 至 100% 以上时，投资者更愿意忽视其三位数的前瞻市盈率（P/E）和相对于销售的高倍数。但随着收入增长预计在 2025 财年放缓至 26%（公司的财年在 2025 年 1 月 31 日结束）和 2026 财年放缓至 23%，135 的前瞻市盈率和接近 10 的市销率让人难以接受。</p>
</div><p>There may also be some degree of concern about the possibility of economic weakness on the horizon and what it might do to Snowflake's bottom line. The first notable decline in U.S. M2 money supply since the Great Depression, coupled with the longest yield-curve inversion in history, point to the growing likelihood of a U.S. recession in the not-too-distant future. Historically, growth stocks with exorbitant valuation premiums tend to be the hardest hit during these short-lived downturns in the U.S. economy and stock market.</p>
<div class="lb-trans"><p>人们可能还会对未来经济疲软的可能性及其对 Snowflake 底线的影响感到担忧。自大萧条以来，美国 M2 货币供应量首次显著下降，加上历史上最长的收益率曲线倒挂，表明美国经济在不久的将来衰退的可能性正在增加。历史上，估值溢价过高的成长股往往在美国经济和股市短暂下滑期间受到最严重的打击。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc2NTYvd29tYW4td29ya2VyLWVtcGxveWVlLXdlYXJpbmctaGVhZHNldC1jcm0tc29mdHdhcmUtY29tcHV0ZXItb2ZmaWNlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797656%2Fwoman-worker-employee-wearing-headset-crm-software-computer-office-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Alphabet has quadrupled its stake in this high-octane AI-software provider</h2>
<div class="lb-trans"><h2>Alphabet 将其在这家高增长 AI 软件提供商的股份增加了四倍</h2>
</div><p>On the other end of the spectrum, Alphabet's investment team purchased shares in only two stocks during the third quarter. The one that should be raising eyebrows is AI-driven SaaS provider <strong>Freshworks</strong>(FRSH 0.79%).</p>
<div class="lb-trans"><p>在另一个极端，Alphabet 的投资团队在第三季度仅购买了两只股票。其中一只引人注目的是 AI 驱动的 SaaS 提供商 <strong>Freshworks</strong>（FRSH 0.79%）。</p>
</div><p>In the September-ended quarter, Google's parent picked up 3.87 million shares. But this marks just the tip of the iceberg, with Alphabet adding north of 12.7 million shares of Freshworks over the trailing-12-months (since Sept. 30, 2023), which increased its position in this high-growth company by 302%!</p>
<div class="lb-trans"><p>在截至 9 月的季度中，谷歌母公司购买了 387 万股。但这仅仅是冰山一角，Alphabet 在过去 12 个月（自 2023 年 9 月 30 日以来）增加了超过 1270 万股 Freshworks 的股份，使其在这家高增长公司的持股增加了 302%！</p>
</div><p>Freshworks finds itself well-positioned to take advantage of growing demand for customer relationship management (CRM) software solutions. CRM software is used by consumer-facing businesses to improve labor efficiency, increase sales, and boost profits. Freshworks' bevy of solutions can help with everything from employee onboarding to personalized self-service channels, marketing, and business analytics.</p>
<div class="lb-trans"><p>Freshworks 处于一个良好的位置，可以利用对客户关系管理（CRM）软件解决方案日益增长的需求。CRM 软件被面向消费者的企业用于提高劳动效率、增加销售和提升利润。Freshworks 的一系列解决方案可以帮助处理从员工入职到个性化自助服务渠道、市场营销和商业分析的所有事务。</p>
</div><p>With artificial intelligence being the hottest thing since sliced bread, it's no surprise that Freshworks is incorporating this technology into its suite of CRM solutions. For instance, the introduction of Freddy AI Agent provides automated yet personal customer interactions that can free up human agents to tackle more complicated tasks.</p>
<div class="lb-trans"><p>随着人工智能成为自切片面包以来最热门的事物，Freshworks 将这一技术融入其 CRM 解决方案系列也就不足为奇了。例如，Freddy AI Agent 的推出提供了自动化但又个性化的客户互动，可以释放人类代理去处理更复杂的任务。</p>
</div><p>Sales for Freshworks were undeniably aided by artificial intelligence and jumped 22% in the September-ended quarter, with the company upping the midpoint of its full-year sales expectations by $5.1 million to $715.1 million.</p>
<div class="lb-trans"><p>Freshworks 的销售无疑得益于人工智能，在截至 9 月的季度中增长了 22%，公司将全年销售预期的中位数上调了 510 万美元，达到 7.151 亿美元。</p>
</div><p>Equally important, Freshworks is landing bigger fish. It closed out the third quarter with 22,359 customers contributing at least $5,000 in annual recurring revenue, which is up 14% from the prior-year period. A net dollar retention rate of 107% also signifies that existing clients are spending an average of 7% more on a year-over-year basis. This is all good news that points to sustained double-digit sales growth.</p>
<div class="lb-trans"><p>同样重要的是，Freshworks 正在吸引更大客户。它在第三季度结束时拥有 22,359 个客户，这些客户每年贡献至少 5,000 美元的经常性收入，比去年同期增长了 14%。107% 的净美元留存率也表明，现有客户的支出同比平均增加了 7%。这些都是指向持续两位数销售增长的好消息。</p>
</div><p>If Freshworks can achieve 30%-plus average annual earnings growth through 2028, its current forward P/E of 32 might turn out to be a bargain.</p>
<div class="lb-trans"><p>如果 Freshworks 能够在 2028 年之前实现超过 30% 的平均年收益增长，那么其当前的前瞻市盈率 32 可能会被视为一个便宜的价格。</p>
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Google Parent Alphabet Sold 79% of Its Stake in Snowflake and Is Piling Into This Supercharged Artificial Intelligence (AI) Stock Instead

- 人工智能在华尔街引发广泛关注，预计到 2030 年将推动全球 GDP 增长 26%。  
- Alphabet 在第三季度减持 Snowflake 股票 79%，同时增持 Freshworks 股票 302%。  
- Freshworks 利用 AI 技术提升销售，预计未来将实现持续的双位数增长。  

谷歌母公司 Alphabet 出售了其在 Snowflake 中 79% 的股份，并转而投资这个高增长的人工智能（AI）股票